The net profit of the Podravka Group excluding one-time items in 2012 amounts to 111.7 million kuna, representing a growth of 7 percent compared to the net profit of 2011 presented in a comparable manner.
Last year, Podravka concluded with a net loss of 21.5 million kuna, while in 2011, the profit of this food company amounted to 42.9 million kuna. Profit before tax amounted to 26 million kuna.
In the last quarter of last year, Podravka concluded with a loss of 80.9 million kuna.
As explained by the company, the result is under ‘significant influence of one-time items’ which in the level of net profit total 131.8 million kuna and relate to ‘adjustment of the value of tangible and intangible assets and severance payments to former employees’.
Total sales of Podravka are at the level of 2011 and amount to 3.6 billion kuna. Net cash generated from operating activities is higher by 95 million kuna, representing a growth of 62 percent compared to 2011. The total value of capital investments in the observed period amounted to 94.4 million kuna.
Total costs of the Podravka Group amount to 3.5 billion kuna and are higher by 3 percent compared to 2011, with the largest contribution to this increase coming from general and administrative expenses.
In accordance with the employee severance program, 309 employees left the Podravka Group in 2012, for whose severance a total of 39.1 million kuna was paid, and these costs are reported under general and administrative expenses. Part of these funds, Podravka emphasizes, returned by the end of the year through lower employee costs amounting to 10.3 million kuna, while the savings for 2013 based on the mentioned reduction in employees will amount to about 32 million kuna. Additionally, the increase in general and administrative costs is also influenced by the reclassification of costs carried out in 2012, which has an effect on the increase in general and administrative costs amounting to about 19 million kuna. In 2012, the costs of sold products also increased by 1 percent, while marketing costs remained approximately at the same level as the previous year.
